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Siam Commercial Bank Q4 net profit declines 23% YOY

Siam Commercial Bank PCL posted a 23% year-over-year decline in its net profit for the fourth quarter ended Dec. 31, 2018, as net fee and service income dropped.

The bank said Jan. 17 that net profit attributable to owners of the company fell to 7.08 billion Thai baht from 9.20 billion baht in the prior-year period. Basic EPS for the quarter came to 2.08 baht, down from 2.71 baht.

Net interest income for the period increased to 24.80 billion baht from 23.69 billion baht, while net fee and service income slipped to 6.70 billion baht from 8.01 billion baht. Net gain on trading amounted to 1.46 billion baht, down from 1.77 billion baht a year earlier.

The bank's net operating income fell to 33.78 billion baht from 34.36 billion baht. Impairment loss on loans and debt securities rose to 8.87 billion baht from 7.49 billion baht.

At the end of 2018, the bank's net interest margin on earning assets stood at 3.21%, slightly down from 3.23% in the prior-year period. Its nonperforming loan ratio came to 2.85%, up from 2.83% over the same period. The lender's capital adequacy ratio fell to 17.1% from 17.7% at the end of 2017.

Full-year net profit attributable to owners dropped to 40.07 billion baht from 43.15 billion baht. Basic EPS declined to 11.79 baht from 12.69 baht.

For full-year 2019, the bank targets a noninterest income growth of up to 5%, and a net interest margin of 3.2% to 3.35%.

As of Jan. 17, US$1 was equivalent to 31.75 Thai baht.